BAKU, Azerbaijan, April 12. The US Energy Information Administration (EIA) forecasts world oil and liquid fuels production to average 101.3 mb/d in 2023, which is an increase of 1.5 mb/d year-on-year, Trend reports via EIA.
The increase will be supported by strong output from non-OPEC countries (excluding Russia), which is expected to stand at 2.3 mb/d, however, the forecast has been slightly downgraded by 0.1 mb/d from the last month's outlook.
According to EIA, non-OPEC production growth will be mainly driven by countries in North and South America.
Meanwhile, as the EIA report noted, world liquids output is projected to increase by an additional 2 mb/d in 2024. At the same time, this is slightly higher than projected figures in the previous forecast (growth of 1.6 mb/d in 2024).
"Global production rises in 2024, driven by non-OPEC production growth of 1 mb/d and by OPEC crude oil production, which we expect to increase by 0.9 mb/d when current production cuts expire at the end of 2023," the report added.